Market Outlook™ – 08/07/20
Today’s Market Outlook:
On another day of light trading volume and range, the S&P 500® rallied more than 2 points for its sixth straight gain – including every day this week. The intermediate line hit its highest level in over two years. Also, the near-term line sits at high levels, which supports the strength of the intermediate trend. The momentum line is hanging around the chart’s midpoint because of the small ranges this week. Also, the slow grind higher hasn’t been able to turn the long-term Market Sentiment line back to the upside. The Market Forecast patterns on all the major indexes continue to look very similar to each with strong postures and short-term sentiment.